FARO Technologies (FARO) Stock Rating Lowered by Zacks Investment Research

FARO Technologies (NASDAQ:FARO) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

According to Zacks, “FARO Technologies, Inc. is the world’s most trusted source for 3D measurement technology. The Company develops and markets computer-aided measurement and imaging devices and software. Technology from FARO permits high-precision 3D measurement, imaging and comparison of parts and complex structures within production and quality assurance processes. The devices are used for inspecting components and assemblies, rapid prototyping, documenting large volume spaces or structures in 3D, surveying and construction, as well as for investigation and reconstruction of accident sites or crime scenes. FARO Technologies capture and analysis of on-site real world data to investigate crash, crime and fire, plan security activities and provide virtual reality training for public safety personnel, and also Capture detailed and precise 3D data from existing products permitting CAD analysis and redesign, after market design and legacy part replication. “

A number of other equities research analysts have also recently weighed in on FARO. Canaccord Genuity reaffirmed a “buy” rating and set a $52.00 price target (up from $42.00) on shares of FARO Technologies in a report on Monday, October 30th. Stifel Nicolaus raised their price target on FARO Technologies from $33.00 to $46.00 and gave the company a “hold” rating in a report on Monday, October 30th. Craig Hallum set a $60.00 price target on FARO Technologies and gave the company a “buy” rating in a report on Monday, November 27th. BidaskClub cut FARO Technologies from a “hold” rating to a “sell” rating in a report on Saturday, December 16th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $53.00 price target (up from $39.00) on shares of FARO Technologies in a report on Sunday, October 29th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $50.50.

FARO Technologies (NASDAQ FARO) traded up $0.50 during mid-day trading on Tuesday, reaching $50.65. The company had a trading volume of 84,980 shares, compared to its average volume of 79,871. FARO Technologies has a 12-month low of $31.90 and a 12-month high of $54.80.

A number of institutional investors and hedge funds have recently made changes to their positions in FARO. Schwab Charles Investment Management Inc. boosted its position in FARO Technologies by 1.1% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 72,526 shares of the scientific and technical instruments company’s stock valued at $2,742,000 after buying an additional 821 shares during the last quarter. Teachers Advisors LLC boosted its position in FARO Technologies by 31.6% in the 2nd quarter. Teachers Advisors LLC now owns 40,652 shares of the scientific and technical instruments company’s stock valued at $1,537,000 after buying an additional 9,754 shares during the last quarter. Ameriprise Financial Inc. boosted its position in FARO Technologies by 3.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 195,157 shares of the scientific and technical instruments company’s stock valued at $7,377,000 after buying an additional 6,955 shares during the last quarter. Thrivent Financial For Lutherans boosted its position in FARO Technologies by 7.7% in the 2nd quarter. Thrivent Financial For Lutherans now owns 10,110 shares of the scientific and technical instruments company’s stock valued at $382,000 after buying an additional 720 shares during the last quarter. Finally, Northern Trust Corp boosted its position in FARO Technologies by 0.5% in the 2nd quarter. Northern Trust Corp now owns 213,836 shares of the scientific and technical instruments company’s stock valued at $8,082,000 after buying an additional 1,065 shares during the last quarter. Hedge funds and other institutional investors own 97.97% of the company’s stock.

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FARO Technologies Company Profile

FARO Technologies, Inc designs, develops, manufactures, markets and supports software driven, three-dimensional (3D) measurement, imaging and realization systems. The Company operates in three segments: Factory Metrology, Construction BIM-CIM and Other. It sells its products through a direct sales force across customers in a range of manufacturing, industrial, architecture, surveying, building construction and law enforcement applications.

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